Mere Wrong Claim by itself not Ipso Facto invite Penalty u/s 271(1)(c) of Income Tax Act if Bona Fides of Assessee’s Actions are Beyond Reasonable Doubt: ITAT [Read Order]

By Fathima Karama A.M - On September 14, 2023 8:30 pm - 2 mins read

Ipso Facto - Penalty - Income Tax Act - Bona Fides of Assessee’s Actions - ITAT - taxscan

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that mere wrong claim by itself would not ipso facto invite the imposition of penalty under Section 271(1)(c) of the Income Tax Act 1961, if bona fides of assessee’s actions were beyond the reasonable doubt. The assessee, Sarva Haryana Gramin Bank was a rural…

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